New Foreclosure relief
Propublica has been publishing a series of articles about home foreclosures. For those who work in the real estate business this is an important article for a number of reasons.
This article shows what the government is doing to help homeowners who became victims in the housing crisis. It shows, moreover, that some underline problems still remain in its implementation.
Compensation for these homeowners is the biggest question which the article highlights. How much we don’t know about this program is one of the more startling aspects which Paul Kiel uncovers. This is an expert from the article,
Many key elements of the program have been kept secret, including the specific bank errors or abuses that would merit compensation. Democratic lawmakers have questioned whether the personnel deciding who deserves compensation are qualified to do so. And the process, which allows no appeals, can require homeowners to put forth their cases in writing, a formidable task that consumer advocates say many borrowers lack the expertise to do.
The government’s previous main effort to aid troubled homeowners, the Obama administration’s widely criticized Home Affordable Modification Program, attempts to keep troubled borrowers in their homes by facilitating loan modifications.
Borrowers and lenders in the Florida Real estate market
This lack of transparency is particularly troubling. For those seeking home loans now, those buyers should be aware of this latest effort by the government to help current borrowers. Much of our current real estate market depends on this program and the efforts of the government.